Ozark Marketplace CID cooperative agreement presented; developer says construction under way, bids for MoDOT work due this week

Officials and the developer updated the Ozark Board of Aldermen July 21 on a cooperative agreement that will govern the Ozark Marketplace Community Improvement District (CID) and on construction progress in the mixed-use development. Sarah Granath of Gilmore & Bell, the city’s outside economic development counsel, said the cooperative agreement implements the ordinance that created the CID and sets rules for collection and administration of CID revenues, which include a CID sales tax and a special assessment. Granath said the CID was formed for a maximum term of 27 years and that reimbursements for certified project costs will be repaid from CID revenues at a maximum rate of prime plus 1 percent. Granath described the reimbursement process: a developer must submit a reimbursement certificate that includes backup documentation such as contractor invoices and canceled checks, and both the CID board and the city must approve reimbursements before funds are paid. She also said the agreement caps annual CID operating costs at $25,000 with escalation over the life of the district and provides city remedies in the event of defaults by the developer or the district. Developer Brett Roball told the board the site grading and utility work on the project are complete, building pads are finished and at least one building permit has been pulled. He said the city-approved public improvements plans are out for public bid and that MoDOT-approved plans for the South Street intersection are also out for bid, with contractor bids due this Wednesday. “We’ve awarded the bid to Emery Sapp and Sons” for the city contract and “we have our MoDOT plans approved,” Roball said, adding rock and rain have slowed progress but that construction remains on track for completion this year. Roball said several retailers have been engaged by letter of intent or lease negotiations and that, if those leases finalize, the development would be nearly built out. Later in the meeting staff and aldermen discussed individual tenant plan and permit statuses; staff said some retailers have submitted permits that remain under review and that permits have not yet been issued for most stores. The cooperative agreement is required to be executed within one year of the ordinance that created the CID; Granath said the agreement prohibits adding projects not listed in the original petition without board approval. City staff and the developer answered aldermen’s questions about bid timing, the CID’s budget exhibit and the process the CID will use to approve reimbursements and contracts. Procedural outcome: the board placed bill 3678 on its first reading; the item was held for a future meeting and there was no final vote.